Nigeria’s largest construction company by market value, Julius Berger, says it plans to acquire oil assets and expand into the country’s power sector.
This comes as the construction giant seeks to diversify its business and stay competitive.
The company is also considering bidding for business in other countries in West Africa including Ghana, Benin and Cote D’ Ívoire
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Julius Berger has formed a partnership with Petralon Energy to work on oil fields in the Niger Delta region and is currently in talks with about eight power-industry investors to build generating plants in the country.
Meanwhile, the Federal Government may soon achieve its objective of boosting Nigeria’s local refining capacity as an Indonesian firm has revealed plans to construct a modular refinery in the country.
The refinery will be located in Akwa Ibom State and on completion is expected to churn out 10,000 barrels of oil per day.